The finance guru has explained exactly what you need to do
Money Saving Expert founder and personal finance guru Martin Lewis has warned couples of a ‘hidden risk’ that only becomes clear when it is too late. In a clip shared from his podcast on his official TikTok account, the TV finance expert suggested the real issue is not how couples organise their accounts, but something far less obvious that often goes unnoticed.
Whether couples use joint accounts, separate finances, or a mix of both, Martin says the real danger lies in what happens behind the scenes, and why some households could be left vulnerable if circumstances suddenly change. Martin explained that couples tend to manage money in different ways. Some, particularly older couples, use a single joint account for everything, while many younger couples prefer separate accounts alongside a shared one for bills.
But he stressed that this is not the real issue. “That’s less relevant than, is one person making all the decisions, got it all stored in their head,” he said. The real concern, he explained, comes down to what he calls the “three Ds.”
Martin said: “I’m sorry, it doesn’t sound that nice, are the three Ds, death, divorce, and dementia.” These situations can leave one partner suddenly responsible for finances they may not fully understand, adding stress at an already difficult time.
To avoid this, Martin urged couples to make sure both partners are prepared to take over if needed. His first suggestion is to create a financial fact sheet. This should include a clear list of all important financial information, such as bank accounts, bills, and providers.
“A nice, long list of all the different financial products and others, gas and electricity provider, breakdown provider, and more,” he explained, adding that it should be stored somewhere safe that both partners can access. He also warned against including sensitive information that could cause issues if accessed by someone else.
Martin also encouraged couples to regularly talk about money, even if one person usually takes the lead. “Every two or three months or so, have a family kitchen table financial meeting,” he said. This allows the partner who manages the finances to explain decisions, share knowledge, and ensure both people feel confident stepping in if circumstances change.
A spokesperson for Assistance for Single Mothers said: “What Martin Lewis is highlighting is a gap in awareness rather than a lack of effort. Many couples naturally fall into roles, but financial knowledge should never sit with just one person.”
They added: “Having a clear overview of your finances and regular conversations about money creates continuity. It means that if something unexpected happens, decisions don’t have to be made in confusion or panic. Instead, both people already have the understanding they need to take control.”
While no one likes to think about worst-case scenarios, Martin said sharing financial knowledge is just as important as sharing financial responsibilities, and taking simple steps now could make all the difference later.
